Starbucks’ Fall Menu Looks Attractive. So Does the Competition.

Starbucks stock is down nearly 6% year to date. The company just announced its fall 2025 lineup. (Courtesy Starbucks)

Starbucks launched its much-anticipated fall lineup on Monday—led by the return of the Pumpkin Spice Latte along with new items like the Pecan Oatmilk Cortado—as the company tries to strike a calculated balance between nostalgic comfort and innovation.

CEO Brian Niccol has been repositioning the brand to reclaim its core identity as a welcoming, high-quality coffeehouse. His plans include improved service delivery, redesigned stores, and renewed focus on barista‑customer relationships.

Starbucks also has said it would cut menu items by 30% this year to streamline execution and improve service speed. But that doesn’t mean the company will stop innovating and launching new products. The new fall items reflect this focus—few but standout offerings that are easy to execute, but emotionally resonant.

The list includes fan favorites such as Pumpkin Cream Cold Brew, Iced Pumpkin Cream Chai, and Pecan Crunch Oatmilk Latte. Besides the Pecan Oatmilk Cortado, the chain is also introducing a new breakfast item, the Italian Sausage Egg Bites.

Select Reserve locations will serve exclusive offerings such as Pumpkin Spice Whiskey Barrel-Aged Cold Brew, Tiramisu Latte, and Pumpkin S’mores Tart.

The menu will be available starting Tuesday.

In the near term, Starbucks’ new fall menu could boost store traffic in the coming quarters, giving Starbucks a performance advantage. The stock is down nearly 7% year to date, as investors wait for financial metrics to start showing the turnaround plan is working.

In the latest quarter ended in June, Starbucks generated $9.5  billion in revenue, up approximately 4% year-over-year. Yet global same-store sales declined 2%, marking the chain’s sixth consecutive quarter of flat or falling comparable sales.

Niccol said the firm is ahead of schedule in its turnaround and has already seen improvement in some measurements. Starbucks has also been testing other new menu items such as coconut water-based drinks and a protein cold foam for potential national rollout later.

Still, longer-term upside will depend on sustained improvements in traffic, clarity in brand positioning, and resilience against an increasingly competitive coffee landscape.

Domestically, Dunkin’s value-centric offerings could be more attractive to budget-minded customers. Dunkin’ launched a fall menu ahead of Starbucks that includes the Pumpkin Spice Signature Latte, along with new offerings such as Cereal ’N Milk Latte and fruit-flavored refreshers backed by pop-star Sabrina Carpenter.

Dutch Bros is another fast-growing beverage chain focused on drive-through orders and joyful customer experience with the so-called “broistas.” For the June quarter, Dutch Bros posted $415.8 million in revenue, marking a 28% year-over-year increase on the back of both strong same-store sales growth and rapid footprint expansion.

On top of this, Keurig Dr Pepper just announced on Monday an $18 billion acquisition of Dutch coffee and tea giant JDE Peet’s. This would create a global coffee powerhouse combining Peet’s, Jacobs, Douwe Egberts, and Keurig portfolios envisioned to generate $16 billion in annual sales.

In China, Luckin Coffee continues to loom large, with nearly three times as many stores as Starbucks. Luckin’s affordable prices, digital agility, and localized menu have helped it stand out. This year, the Chinese chain opened two locations in New York City, signaling its ambition to enter the North American market as well.

Starbucks and its investors need to stay alert even as if the fall quarter’s results show an improvement thanks to the fall menu.

Write to Evie Liu at evie.liu@barrons.com